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the government can figure out how to solve this fiscal cliff. > c'mon congress and president. all right, michael alter. i'm going to see you in a month. let's see if some things are improving. i appreciate it. > > i can only hope. thanks for having me. just ahead, are banking stocks ready to short circuit? a couple of traders charge in with their views after the break. >-.y÷$@y+o3vhpe the time has come for traders unplugged. joining us this week, a pair of options pros - alan knuckman and andrew keene. good morning guys. > > good morning angie. > round number one: dividend distributions. will a new, higher capital gains rate ruin the dividend stock payoff? and what will it mean for tech stocks or bonds? > > tech stocks i think are interesting and bonds as well. we have seen 103 companies report special dividends in quarter four. 66 of these companies have reported since president obama came in control. i think we have seen a lot of them. costco came out with a $67 special dividend, las vegas sands, dillard's, ethan allen. the big one i am going to keep an eye on for technology especially is app
. the very same people, the congress and president, who invented the fiscal cliff -- this is all an invention -- could break it down into 12 foothills. there are 15 foothills, or 20 foothills. they could tackle one problem at the time. i agree with what i understand senator jeff sessions has said, and i think he'll be on your show later, this ought to be out in the open. we're rushing toward a secret deal made in secret meetings where nobody will know what's going on, and then people will be told, boy, if you don't vote for this, we'll go over the cliff. well, i think there are a lot worse things than going over a man-made cliff that i think is entirely artificial. i think the reality is the president of the united states has not come forward with any serious spending cuts. what the democrats are proposing is to take the tax increase now and then sometime next year eventually possibly we might have some kind of entitlement reform. that's a bad deal for the american people. >> greta: i don't know if it's a deal that anyone expects to be realistically kept. any deal made today in washington is
quickly face the challenge of his second term, avoiding this fiscal cliff. in august of 2011 congress passed the budget control act which threatened automatic spending cuts if congress failed to come up with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration will reduce federal funding direct to san francisco by at least 26.5 million dollars a year, every single year. we would see over $5 million of cut to education, and almost $3 million of cuts from public housing. san francisco's allocation of medicare would be cut by $2 million. funding for the wic workforce program would lose almost $5 million. there would be a $1 million cut to housing services for people with hiv and aids and more than $1 million cut to the community development block grant program. ladies and gentlemen
congressional leaders, the reddest of all. among the top leaders of congress involved in fiscal cliff negotiations, the one facing the most home state pressure may be senate republican leader mitch mcconnell. he faces re-election in kentucky and a state where the tea party movement is alive and well. president obama may have won this election but would years ago, leaders of the tea party movement elected ron paul's son, rand, as kentucky senator over an establishment republican. one leader of that movement who runs a high-end audio equipment business says they could do the same thing in 2014 and this time take out mitch mcconnell if he agrees to raise taxes. >> we should not raise taxes in this country. we do not have a receive knew problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they immediate ever more money forever more growing government and it is at the expense of the ordinary citizens that they pursue these policies. >> but the brighter those lines are drawn, the harder it will be to get a deal. william worked m
and singapore. liz: if you had the ear of congress right now as they dither over the fiscal cliff discussions what would you say as it pertains to your passion? >> obviously we have a lot of passion and the education and health care but once again this is the number one driver of economic growth. liz: of all the funding might get cut if we go over the fiscal cliff, doesn't that create a massive stumbling block for you guys, what you're trying to do? >> there are two areas you are raising. it will be shifting asia. china is not cutting their commitments, they are increasing their commitments and india is dramatically increasing, singapore is dramatically -- the uk is investing more. we are talking about where is the center of innovation, where will the company's -- it is not that it is not going to exist but it will shift -- liz: we will lose our leadership. >> we will lose our leadership of we don't recommit. liz: are you worried we are not turning out enough doctors and scientists in this nation? >> we are probably not turning out enough research scientists with clinical expertise and i am a
in pennsylvania to make a new appeal for his end of fiscal cliff. he will make the case that congress needs to take action to stop taxes from going up on middle class consumers. republicans say they are not impressed with the president's latest proposal brought to capitol hill yesterday by timothy geithner. the white house proposal consists of $1.6 trillion over a decade. the administration wants $50 billion for infrastructure spending in 2015. the president is offering to support an unspecified amount of spending cuts this year. >>> the $1 bill may be on its way out. congressional auditors want to do away with the dollar bill and replace them with $1 coins. they say the switch could save taxpayers more than $40 billion over the next 30 years. they are also looking at changing the metal composition of is quarters, dimes, and nickels. >>> oakland is moving forward to put more officers on the streets. two city council members are pushing to hire 20 civilians to work as technicians. they also want to bring in 11 alameda service members. >> we are asking opd officers to volunteer on overtime to
, the president offered a tough fiscal cliff proposal to congress, one that aides to john boehner say -- wait for it -- he's already rejected. of course he has. joining me to talk about all things politics, "new york times" columnist frank bruni and ross doufit. how many seconds was it, do you think, gentlemen, let me start with you, frank, before john boehner rejected out of hand president obama's attempt to try and do a fiscal cliff deal? >> with $1.6 trillion in new taxes, i think probably half a second. >> when you see the apparent attempt at a bipartisan lunch going on today between obama and romney, it was all very sweet and everything, the reality is the picture was about as uncomfortable as the relationship is between the two sides, and again, frank, how do we get to a better place in washington? how do we get these guys to realize, let me throw this at you. i interviewed mike tyson an hour ago. fantastic interview in many ways. what i found really fascinating and relevant to this, he talks about when he goes back to the streets he grew up in in new york, what real people care about.
a few words of wisdom for us on the fiscal cliff. >> i can't believe the hype surrounding the fiscal cliff. this is a mess created by congress. we are asking the same people to clean up this mess and all the others that we keep creating. you know the numbers. congress is spending a trillion dollars more each year than with the treasury brings in. the tax the rich idea brings in about $100 billion. that leaves us still at about 900 billion short of revenues. then what? welcome this past week i saw three balloons. one was to reduce or eliminate the mortgage deduction. another was deductions for attorneys, and the third was to figure out some way to get attacks on your 401k. i bet you that the fuel tax deduction, but that goes away as well. meaning that your take-home pay in january will be less. don't be shocked. do you think they would stop winl
. the nasdaq finished 20 points higher. >>> and president obama presented his plan to avoid the "fiscal cliff" to members of congress. the $4trillion plan includes $1.6 trillion in new taxes on upper income americans. $400billion in cuts to medicare and other entitlement programs. $50billion in stimulus spending and the end of congressional control over the debt ceiling. both sides remain at a standoff over the issue of raising taxes on higher income earners. but the president said he will not sign any bill that does not include higher taxes for top earners. the white house is calling this proposal an opening bid but house speaker john boehner says no real progress is being made to reach a deal. could be an interesting day for us on wall street. >> i guess. they have a month to figure that out. in the meantime though there's a secret santa. i guess santa decide to do a little early work in the tri- state area, right? >> reporter: that's right. a so-called secret santa is giving away $100,000 in $100 bills to victims of superstorm sandy. a missouri man declined to reveal his name but he is car
in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be raised on the revenue side. let's listen to
the year end fiscal cliff. he will make the case that congress needs to take action to stop taxes from going up on middle class consumers during the holiday season. republicans say they are not impressed with the president's latest proposal brought to capitol hill yesterday by treasury secretary timny geithner. the white house proposal contists of $1.6 trillion in higher taxes over ten years. the administration wants $50 billion for infrastructure spending in 2015. in return the president is offering to support an unspecified amount of spending cuts this year and legislation for saving up to $400 billion from programs such as medicare over a decade. >>> 5:47. the great hostess bakery selloff can begin. the judge approved to sell all of the hostessing a sets including baking plants, recipes, and trademarks. it also included $2 million in bonuses if they meet certain standards in the way they handle the liquidation. >>> voters in richmond may have rejected a tax on soda but the battle isn't other bay area cities that are considering similar measures. >>> mountain view police will release
, we're in this situation because congress came up with what they're calling the fiscal cliff now and they're calling it the fiscal cliff because they don't want to e embrace either the tax increases or spending cuts and i think it's foolish to think this congress can come up with a better deal. >> you know what's interesting, to eric's point, there is a great irony in this that the democrats are saying we've got to raise taxes and the fiscal cliff does both. just not in the way anybody wants it, so if they can't do that, how are they going to find a way they can all agree on? >> the superfailed committee. this is a giant hatchet as opposed to a scalpel. >> it was designed to fail. >> i agree, but the real solution and real irony is going to be the ultimate deal's going to look like the obama boehner grand bargain that was negotiated and almost done in the summer of 2011. the fact that we couldn't make that deal then i think's a tragedy for the country. one of the thing's it did was lead to that aaa downgrading. that was unnecessary. >> let me just follow up on this point of what
the top leaders of congress involved in fiscal cliff negotiations, the one facing the most home state pressure may be senate republican leader mitch mcconnell. he faces re-election in kentucky, a state where the tea party movement is alive and well. president obama may have won this election but two years ago leaders of the tea party movement elected ron paul's son rand as kentucky senator over an establishment republican. one leader of that movement who runs a high-end audio equipment business says they could do the same thing in 2014, and this time take out mitch mcconnell if he agrees to raise taxes. >> we shall not raise taxes in this country. we do not have a revenue problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they need evermore money for evermore growing government and it is at the expense of the ordinary citizen that they pursue these policies. >> reporter: but the brighter those lines are drawn, the harder it will be to get a deal. owen williams worked more than 20 years on wall street. now he runs a small
of the white house and congress to resolve differences that would avoid the fiscal cliff. that is $1.2 trillion in automatic budget cuts and $600 billion in tax hikes that would result from the expiratin on december 31, te consequences would simply be devasting. the economic impact on the country and the american people would mean the loss of hundreds of thousands, if not millions of jobs. e very likely onset of yet another recession. the white house timothy geithner on capitol hill today. he went there empty-handed to meet the party leaders. house speaker john boehner who has already offered to raise tax revenue finds himself not in a negotiation, but rather competing in the white house media campaign. this is how speaker boehner reacted earlier today to the demands of the white house that were laid out by timothy geithner in a closed-door meeting. the treasury secretary reiterating the president's call for $1.6 trillion in new tax revenue and timothy geithner rrently offering nothing in return. in lieu of federal pending. >> first, despite the claims that the presint supports a balanced appro
by congress is not willing to look at the root cause of the troubles that we are having. the fiscal cliff -- this reserve system that our monetary policy drives us to use it, the notion of creating something from what we i think that's need to focus. the problem is not what taxes going up or down, nor does it have anything to do with what the government gives or does not give to the people. congress is not thinking out of the box. i think it will be the status quo and i'm disappointed. guest: it is important to talk about fiscal policy and monetary policy. congress doesn't have that much control over what the federal reserve is doing. there has been anger about how the federal reserve has reacted to the recession and a lot has happened on capitol hill. congress' hands are somewhat tied. host: paul joins us on the independent line from florida. caller: good morning. i have a question concerning the home mortgage modification program. i'd like to know if you can explain the relationship of this big fiscal suicide we are about to enter. it seems to me that there is an iou in the treasury for
proposal to overt the so-called fiscal cliff. first up, the president. the president who traveled to a toy company in pennsylvania today to call on congress to extend tax cuts for the middle class. president obama playing a little hardball accusing republicans of playing politics at the expense of american families. >> it's not acceptable to me and i don't think it's acceptable to for you republicans to hold tax cuts hostage because they don't want rates on upper folks to go up. >> john boehner scheduled a last minute news conference. fired back with this. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. >> as the rhetoric heats up, the clock continues to tick down. after today, there are just ten legislative days on the calendar. the house announced they will be recessing one day early next would he week. joining me now from the white house, white house correspondent kristen welker. what's the latest from 1600 pennsylvania? >> well, good afternoon, craig. as you can see the
and they want a serious offer from republicans. >> the american people want us to avoid the "fiscal cliff" with a balanced approach. >> reporter: geithner is here in the halls of congress trying to clear some big hurdles with republicans. once a deal is closer president obama will take over the talks. so far independent senator joe lieberman is not encouraged. >> if we go over the cliff it's going to send the country back into recession. >> reporter: vice president joe biden stopped by a washington, d.c. costco thursday to help the white house's public campaign for a deal. >> consumer confidence is growing. the last thing we need to do is dash that now by being unable to extend middle class tax cuts. >> reporter: the vice president said if those tax cuts aren't extended, the average american family stands to lose $2,200 next year. danielle nottingham, cbs news, washington. >>> talk about a power lunch. president obama and mitt romney met privately at the white house to have lunch. their first face-to-face meeting since the campaign debate. aides say the president wanted to discuss romney'
pelosi says congress should address the fiscal cliff in two stages. first lawmaker shoes agree to spending cuts and an infrastructure package along with passing the middle class tax cut. she says tax and entitlement reform would then come in the next year. mean while christine lagarde says she's hopeful an agreement can be found. >> are you confident that they will reach an agreement? >> i have to come to talk about the fiscal cliff? practicing matti >> we all have fiscal cliff fatigue. >> yeah, i think it's totally understandable, but it still hasn't been dealt with as we've just seen. we think there will be a fiscal slide. we have kind of three scenarios in find. a full fiscal cliff, a bunny slope or something in the middle, a fiscal slide. and i think that's where we're headed. we believe it will be in the neighborhood of 1.5% of gdp in fiscal adjustment and i think that's obviously better than the full lack of 4.5. and it's better than -- worse than something that wouldn't make too much difference. 1.5 will make an important difference still. >> and what's in that 1.5% in t
that would be impacted of congress did not act on the fiscal cliff. washington general is live at 7:00 eastern on c-span. >> at the end of world war ii, we had 12 million men under arms. today we have 1000 generals and 1.2 million under arms. we almost have an admiral forever ship in the navy. what we have done is gone through and look at areas where we could not necessarily save all of the money but transfer of responsibilities out of the pentagon and consolidate programs and save a significant amount of money. >> this weekend you can talk with tom coburn of the future of the republican party on and depth. live sunday at noon eastern on but tv. >> the program began, one of the of as as to president franklin roosevelt. to document the conditions under which people were living. this was when we did not have television. a lot of places did not have electricity said it could not listen to the radio broadcast to find out what was going on and other parts of the country. an economist from columbia, he is the head of this project. they sent from to have his photographers try out and see w
to the american people to travel to be there in front of real folks to make his case for avoiding the fiscal cliff and also his treasury secretary as well going up on the hill talking to members of congress essentially putting forward his plan that would require tax hikes for the wealthiest americans. it is something that republicans are not pleased with. we expect republicans' response very soon. we're iffing to bring that to you live. if you would like to continue listening to the speech, go to cmn.com/live and continue to listen to the president. up next we are also focussing on another story. each year thousands of young british girls lured into a world of sex abuse. we're going to take a look at how predators, they're using gifts, alcohol, social media to gain the trust of their victims. [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. b
to make another appeal for his approach to avoiding the fiscal cliff. the president will make the case that congress needs to take action to stop taxes from going up on middle class consumers during the holiday season. republicans say they are not impressed with the president's latest proposal brought to capitol hill yesterday by timny geithner. the white house proposal consists of $1.6 trillion in higher taxes. and want $50 billion in infrastructure spending until 2015. >>> more bay area cities are considering taxes on soda sales. the first city to put the idea up for public vote was richmond. that was defeated earlier this month. now berkeley, vallejo, and alameda county are all thinking about similar measures. the soda industry said the tax would not work because consumers would go to neighboring cities to buy their drinks without the tax. >>> if you want to you'll get a chance to play the power ballot reflection year. the california lottery commission just voted they will join the power ball game and power ball tickets will go on sale here in california beginning april 8th. power b
the looming fiscal cliff becomes a raw reality, will the president and house gop find a way over the latest road black and back to the bargaining table? >> why did the white house decide to have this as their opening volley when they knew the response would be a negative one that they drew? >> was it hardball opening? yeah, of course it was. the question is, what's the counteroffer? >> i would imagine there has to -- tim geithner is too smart of a guy in this administration is filled with smart people. they must have a serious strategic plan. >> let's get straight into this and joining me now is senator barbara boxer, democrat from california. senator, it is great to have you with me this morning. >> thank you. >> just for everybody that's watching, i want to break down what the proposal is from the president that was offered yesterday. $1.6 trillion in tax cuts. $400 billion in cuts to medicare and other entitlement programs. $50 billion additional in stimulus spending. no real structural reform to entitlement programs. no spending cuts. instead, stimulus spending. obviously, the president
in pennsylvania and he will make another appeal for his approach to avoiding that year end fiscal cliff. the president will make the case that congress has to take action to stop taxes from going up on middle class consumers during the holiday season. republicans say they aren't impress pressed the president's latest proposal that was brought to capital hill. >>> the proposal is 1.6 trillon dollars in higher taxes, they also want $50 billion for spending in 2015, in return the president is offering to support an unspecified amount of spending cuts this year and also legislation for saving up to $400 billion from programs like medicare over a decade. >> more bay area communities are considering taxes on soda. the first city to put up the idea for a public vote was richmond. that was defeated early this month but now others -- the soda industry said the tax wouldn't work because people would just go to other cities to buy their drinks. >> all right. a second storm is really hitting the bay area. steve is tracking this storm. he will tell you what to expect all day and into your weekend.
. china's top newspaper, giving the u.s. a time lashing over the fiscal cliff. the people's daily. did you ever read that one? they blasted our congress threatened to unleash what they called a self-created recession hurt the world economy. the paper went on to school lawmakers here saying that the u.s. should act like a responsible power. oh, boy. of course, china's interest is purely self-interest here. the last thing he needs it needs is a slowdown in consumer spending. after all, where would the chinese and their economy be if it weren't for america? that's right. a lot more to come during this hour. what this tax fairness mean? i will break down the numbers. folks like warren buffett don't want to talk about this. and aaa and unusual warning about a blend of gasoline. the federal government wants you to start using the gas. but will it damage your car? aaa auto says yes. we have answers ahead. ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 ml350 for $599 a
of the fiscal cliff don't seem to penetrate the republican mind in congress, and that is going to be unfortunate for republicans because most of americans, the polls show, will blame the republicans if, in fact, their tacks go up january 1st. that's the big issue. who is going to get blamed? i have been at this game for many years. i remember when newt gingrich played the game of chicken with bill clinton and the question was who is going to get blamed? well, it was the republicans, and it was newt gingrich. and it look as though it's going to happen once again. republicans in the house especially are going to be blamed, and that means bad news for republicans not only over the next couple years but also in -- well, really over the next several elections. we don't even have to limit it to the next election. >> dr. peterson, mr. boehner also said something very curious today. he said, and i'm quoting him, he took a great risk in his speech the day after the election when he said he was open to more revenue. he was putting revenues on the table, but the only thing he said was exactly what mitt rom
wanting talks in washington over the narrowing budget deficit and the fiscal cliff but will keep updating you as congress members of both sides of the aisle hopefully work to the agreement before the end of the year. stocks rallied on a pair of good report on jobs and on the housing market. you can see the dow in the day up 36. almost 37 points to close over 13,000. the nasdaq was also up 20 points. and s&p gained six. . we will see what trading quotes are in store when the opening bell rings at 638 in. >> living social is laying off 400 employes in what has become the latest sign trouble in the online coupon sector. this comes a month after amazon .com reported a loss that-and worse off an expected. due in part to its investment in live in social. a company spokesman says, the job cuts will allow the company to invest in other areas, such as mobile efforts. the spokesman, and also with all suggestions from critics. that daily online deals are doomed. >> power what is coming to california. on the heels of the winston eyes record 5 $8 million jackpot drawing. the state commission's voted y
the president and republicans will resume. congress is headed home for the weekend, with the fiscal cliff deadline now just one month away. >> brown: still to come on the newshour: the fight over the filibuster; the state of the aids epidemic; shields and brooks; and the age of an american landmark. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: by the thousands, egyptians poured into the streets today to protest against president mohammed morsi. they attacked morsi's move to assume sweeping new powers and condemned a new constitution that was approved overnight by the president's islamist allies. opposition leaders joined the vast crowds in cairo's tahrir square today, and they vowed their protest would be open- ended. >> the message is clear. no one should think that the egyptian people are not capable. the egyptian people have moved from the level where they were told what to do to the level of real sovereignty. the egyptian people have to be heard. they have to consider the opinion of the egyptian people on any political decision. >> sreenivasan: the dr
the fiscal cliff would be easy. now, more and more are talking about a rerun of what happened with the tarp bailout bill. first, congress may have to deadlock and go over the cliff, and then count on a falling market and an angry public to force action. >> it's what's euphemistically bng called "let's let the peasants storm the castle with pitchforks" strategy. that is, get the average voter so upset that they pound on the... do the equivalent of pound on the door of their member of congress or the member of the senate, call their office and say, "look, i know i told you not to vote to raise taxes or not to vote to cut medicare, but you got to stop the pain." >> reporter: how bad could the pain get? after the house voted down the tarp bailout, the s&p 500 fell more than 8%. darren gersh, nbr, washington. >> tom: for more on the fiscal cliff negotiations, susie spoke with a leading democrat a short while ago, senator kent conrad of north dakota. >> susie: senator can rad thank you for joining us. let me begin our conversation by asking you, what are the chances that we will get a fiscal clif
hand because the fiscal cliff talks allow him to back opposition to a corner, by framing this as the republicans raising taxes. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1. the lump of coal you get for christmas. >> congressional democrats are operating like they don't have to compromise on spending or taxes. >> elections have consequences. the president campaigned. he made it very clear. he made it very clear that he was supporting tax cuts for the middle class. that he wanted the expiration of the tax cuts for the high end. >> with very little progress among the inside players so far, the president now plans to keep pressuring republicans from the outside. he will be meeting with the nation's governors tuesday and he will address the business round table on wednesday. bret? >> bret: ed henry live on north lawn. thank you. we'll talk now about what almost everyone seems to be afraid of. if a deal does not get done. chief congressional correspondent mike emanuel has the worst case scenario. >> i'm more
officials trading insults, playing the blame game here as the clock is winding down on the fiscal cliff. keep in mind time is a-wasting. in 32 days now tax rates soar, spending gets slashed. oh, and don't forget, congress, yeah, they get to take a break for the holidays in 14 days. a recipe for recession. the president is pitching a plan that calls for $1.6 trillion in tax heights and $50 billion in new infrastructure spending. he'll head to a manufacturing plant in pennsylvania to push all this. republicans aren't buying in. listen to house speaker john boehner's reaction. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> didn't take very long for democrats to hit back at speaker boehner. senate majority leader harry reid got up, a little personal. >> i don't understand his brain, so you should ask him. >> i don't understand his brain. let's go to washington this morning. wow, just when we thought they were getting closer seems like they're even farther apart this morning. >> yeah, you know, the nic
is his relationship with congress. you need to negotiate with them. they're going that on the fiscal cliff right now. what are you hearing? are we making progress or not? >> i think we're definitely making progress. i think your previous guest who talked about the dance of this process were right. i think maria is right it's a little too late in the game for first salvos, but that's what these are. they go to the 11th hour. they will this time. there is a possibility for a deal around $1 trillion in increased revenues, $1 trillion in spending cuts. how you get the revenue remains to be seen. there will be marginal rate increases. we're going to get a deal. we might get a house vote where it fails and the stock market tank, but they'll get a deal before christmas and we'll be fine. >> by the end of the year. ben, thanks so much. good to talk with you. see you soon. >> an announcement by the supreme court of the united states moving one stock. kayla has this market flash. >> bill, the supreme court announcing just moments ago that it will evaluate whether you can patent specific human
that are part of the fiscal cliff package. guest: some that have expired that are part of the fiscal cliff package. they get much less attention than the bush tax cuts. they are part of the packet of decisions that congress has to make. host: we can go into debt but to highlight four -- let's start with the child tax credit. what is it? guest: this is a credit that applies to families, some that you can use if you make up to $130,000. it is they $1,000 credit for each child. unless congress acts, that 10000 tax credit will become $500, but becomes less valuable. you can make up to $130,000. host: that is the child tax credits. guest: almost 24 million families claimed it in 2009. it is one of the bigger tax credits out there. host: the next one would be the child and dependent care tax credit. guest: is a credit between 20% and a 30% and goes up to $3,000. it helps families with their expenses for child care or if they have dependents and things like that. you can basically claim a credit of $3,000. host: for child care purposes? guest: this helps with dependents. host: the earned income t
if congress does not act in the so-called fiscal cliff. "washington journal is live starting at 7:00 a.m. eastern on c-span. >> the program began under a man who was one of the advisers to president franklin roosevelt. to document the conditions under which people were living. this was back when you did not have television. we had radio, but a lot of places did not have electricity so they could not listen to the broadcast to find out what was happening in other parts of the country. he was an economist from columbia university. the head of this project -- in 1939, when kodak introduced color from, they introduced it to him to have his photographers try it out and see what they could do. kodak was trying to establish a new market and they wanted people who would know how to use it effectively to try it out and publicize it. >> america of the 1930's and 1940's comes to life through the eye of the camera as a library of congress curator shares some of the 1600 color photographs taken during the depression and world war ii. sunday at 7:00 p.m. and 10:00 p.m. eastern this weekend on c- spa
before going off a cliff. >> the political theater over the fiscal cliff. >> mr. obama sends his chief negotiator. >> treasury secretary tim geithner. >> who was on capitol hill right now. >> reaching out to capitol hill. >> the push is on to get a deal. >> no substantive progress has been made in the talks. >> literally no progress. >> bad news, bad news, bad news. >> this is the moment of posturing. >> a lot of posturing. >> until we hear good news. >> the framework of the deal is beginning to emerge. >> i'll do whatever it takes to get this done. >> we have a debt crisis. >> i'll do anywhere and do whatever it takes. >> all eyes on the white house. >> they're going to get right up to cliff on new year's eve. we're all going to be hugging cliff. >> it's like when a fish show starts. the crowd -- >> i hope nobody catches that reference. >> all eyes on the white house. >> together again. >> what's his name? >> table for two. >> don't help me, don't help me. >> mr. romney goes to washington. >> mitt romney makes his way to the white house. >> the political power lunch of 2012. >> it's n
tight with vice president joe biden. as the clock ticks down to the fiscal cliff, might lieutenant biden help avert disaster? sam, you talked to republican on the hill and there's a lot of back and forth about how good of a negotiator the president and his emissaries are. i've been wondering where joe biden is on this, given his experience on the hill and whether he might be a more effective ambassador in this back and forth that we are having. >> yeah. i think so. keep in mind, he and eric cantor had lengthy conversations when we were doing this in a different incarnation many months ago and so, you know, the framework was there between these two guys, not just that, between the respective staffs. the problem, if there was one with respect to biden, at least as i think, is that the -- if you do need an emissary on the hill for democrats, it's probably going to be with the house democratic caucus. by that i mean john boehner will at some point have to decide if he can get something done with all of his caucus or part of his caucus or house democrats. at that point you need nancy pelosi t
and asia could hit the u.s. next year. the fiscal cliff will be an economic storm of our own making if congress doesn't act before january. in particular it is going to hurt seniors on medicare. listen to this, if congress does nothing, doctors will be reimbursed 27% less than they are at current rates, starting in january. that could spur thousands of doctors to stop seeing medicare patients. speaking of the fiscal cliff, there has been all this focus on one dangerous man who stands in the way of a deal that could avert it. grover norquist is neither elected nor has he ever run for office, so why is washington so scared of him? >> taxes went up, spending didn't go down. >> he's been called a kingmaker, a patriot, and the ideological godfather of the tea party. since the mid'80s, grover norquist, the founder of americans for tax reform, has been the driving force behind the anti-tax movement. his goal, to take big government and in his words, drown it in the bathtub. norquist's weapon is the taxpayer protection pledge, which was at one point signed by 95% of gop members of congress.
with the fiscal cliff that obama designed? this is obama's fiscal cliff. if the republicans cave, we'll have a fiscal cliff in about three or four years that's going to be the grand canyon. we're going to go collapsing. it's going to be awful. >> sean: i agree with you. >> we got to fight like william wallace in "brave heart." fight for america. we can win it in the next 30 days. >> sean: i'm with you. leslie, seriously, why can't we have some significant spending cuts now? the president, first of all, said he only wanted $800 billion when he was running, now he's doubled it, but there's no cuts. government can't find waste, fraud, abuse, cut back on their intoxication and power grab with spending? >> i agree that medicare is one program that has a lot of fraud. quite frankly the president has been very clear that they're going to be -- >> sean: when? when? >> democrats and republicans will have to suck it up. when you guys call caving in, i call compromise. >> sean: republicans compromise, cave, and -- >> we're not violating the tax pledge if we let something expire at the end of the year.
support for his plan to avoid the "fiscal cliff" during an appearance today at a pennsylvania toy factory. on capitol hill, treasury secretary timothy geithner pitched the president's plan to congress yesterday. it includes 1.6 trillion in new tax revenue and $400 billion in cuts to entitlement programs but it doesn't look like geithner's visit did much good. >> the democrats have yet to get serious about real spending cuts. >> we are waiting for some specifics, somewhere, from our republican colleagues to show that they are serious on negotiations. >> if a compromise is not reached by year's end, automatic tax hikes and across- the-board budget cuts would take effect. >>> 6:09 on your friday now. the car of the year is going up in price. plus, could this be the mystery multimillionaire? take a look. new video of the possible winner of the record powerball jackpot. >> and a messy morning out there. we're on the stormwatch as we go to break with a look at our hi-def doppler all covered in green and yellow. an update on the storm when we come back. ,,,,,, (car horn) paying with your smartph
have a month left until we go over a fiscal cliff. that's a very short amount of time, but in congress that is ages. that is a very long time for them to negotiate and come up with a deal. >> and, jason, president obama is returning to a tactic that he's used in the past. he's taken the pitch on taxes directly to the american people in a trip to pennsylvania today. house speaker john boehner not so happy about it. let's listen for a minute -- >> listen, this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult leadership. campaign-style rallies and one-sided leaks in the press are not the way to get things done here in washington. >> well, republicans are reportedly planning their own fiscal cliff pr campaign designed to show that the democrats are simply digging in, they're being stubborn, election is over, shouldn't both sides be focused on doing the job they were elected to do. how do you see it? >> look, you're going to have a bunch of rallying on both sides and some of this is theatrics. it's christmastime. you know how you tell
after we get through the fiscal cliff or speed bump or whatever you want to call it, my hope is that, you know, young people mil lennials will bring to washington what we haven't seen in the last four years and bring our agenda student loans, debt reform. something has to happen. only chance. immigration reform dream act. we need to push these things through. i think going into this next two years at least starting with the new congress, we are going to find a conciliatory republican party. they don't know what to do with themselves. maybe we can trick them into going for our stuff >> bill: if they want us to buy, they better open doors and reach out. richard fowler, great to have you in studio. follow richard at weactradio.com or on twitter @richardkfowler. >> yes. >> we never get through all of the issues we want to talk about. you do great work. >> all right. >> good luck with your show tonight. >> thank you. >> bill: i will be back and take a quick look at some of your comments from the mail bag. >> this is the full court press, "the bill press s
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